A body corporate sinking fund is a long-term reserve fund used to pay for major capital works on common property in a strata scheme. It exists to ensure that large, infrequent expenses can be planned for and funded over time, rather than requiring sudden financial contributions from owners.
Body Corporate Sinking Funds Explained Read More »
While many committees are willing to work with owners who demonstrate genuine financial hardship, there are situations where a payment plan won’t be approved.
What If Your Levy Payment Plan Is Rejected? Read More »
A special levy is a one-off payment that owners are required to make in addition to their regular levies. Unlike annual levies, which are based on the body corporate’s approved budget, a special levy is raised to fund unexpected or extraordinary costs that weren’t accounted for when the budget was set.
Why Special Levies are Raised Read More »
Body corporate levies are not optional. They’re critical to keeping your building maintained, insured, and operational. When even one owner fails to pay their levies on time, it affects everyone in the scheme. But what happens when you’re genuinely unable to meet your levy obligations? A payment plan could be your solution.
How to Request a Payment Plan on your Body Corporate Levies Read More »
Body corporate levies increase because the cost of maintaining, insuring, and operating a building rises over time. Common drivers include higher insurance premiums, ongoing maintenance, rising utility costs, inflation, and the need to fund future capital works through the sinking fund.
Why Do Body Corporate Levies Increase? Read More »
Entitlements are numbers assigned to each lot (unit, townhouse, or apartment) within a body corporate scheme. They determine ow much you pay in levies and your voting power in general meetings.
Understanding Lot Entitlements in Body Corporate Read More »
When levies are not paid on time, it may lead to cash flow issues and delays in essential maintenance or services. Here’s a look at the main reasons behind late or unpaid levies and practical strategies to manage these.
The Common Causes of Body Corporate Levy Arrears Read More »
Over time, however, low levies often come at a price. What may initially seem like a financial advantage can lead to a poorly maintained building, unexpected financial burdens, and even decreased property values.
Why low levies are not always better Read More »
The body corporate is legally obligated to recover all levies from lot owners, as these funds are essential for covering the operational costs of the property. If you fail to pay your levy invoice by the due date, the body corporate will take steps to recover the overdue amount.
What Happens if I Don’t Pay My Levies? Read More »
Unforeseen financial difficulties can make it challenging to meet your property committments. If you find yourself unable to pay your body corporate levies, here are some steps to take and information to consider.
What If I Can’t Pay My Body Corporate Levies? Read More »